In its first ever survey on trading of cryptocurrencies, the Income Tax Department found that there are over six lakh active cryptocurrency users in India, most of them in the 25-35 age group, a report in The Indian Express said on Thursday, 11 January. The survey found that cryptocurrency worth Rs 17,800 crore has been traded on nine active cryptocurrency exchanges.

As per the report in Indian Express, the survey was carried out by I-T Department’s Bengaluru unit, which communicated to its counterparts across the country the manner of assessing virtual currencies for tax purposes. The report added that I-T sleuths also find it difficult to find the traders since there is no trail available of the liquidation.

Cryptocurrency is a digital currency exchanged entirely over the internet and no central authority can interfere in setting its value, which is decided purely by market forces. As per the website, there are 1,355 cryptocurrencies being traded in 7,399 markets across the globe.

The website states that the total market capitalisation of these currencies are worth over $646 billion, as on 11 January, and Bitcoin, the most popular and oldest cryptocurrency, dominates with over 54 percent market share. A single Bitcoin costs close to 12 lakhs in India which is Rs 2,30,000 more expensive than the US prices.

Also Read: What is Bitcoin & Why It is Being Used to Pay Ransom for WannaCry Strong Indian prices bucking the international trend is unprecedented and reflects surging demand that supply can’t keep up with , a report in Livemint said. Sathvik Vishwanath, co-founder of Bitcoin exchange Unocoin, told Livemint that in December 2017 the company received 10,000 registrations daily. Read more from…

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